但是15年且幾次牛週期後，加密貨幣不再只是技術人員和散戶投資者的領域

據稱，《財富》 500號區塊鏈的採用現已在第1季度向加密貨幣投入高達500億美元的機構，將高達500億美元的機構注入了60％。

Despite skepticism toward cryptocurrency, it appears to be sticking around. In fact, it’s evolving. And not just in theory, but in practice.

儘管對加密貨幣懷有懷疑，但它似乎始終存在。實際上，它正在發展。不僅在理論上，而且在實踐中。

As PYMNTS has reported, Fortune 500 blockchain adoption has allegedly now hit 60% with institutions injecting as much as $50 billion into crypto funds in Q1.

正如PYMNTS報導的那樣，據稱，Fortune 500區塊鏈的採用現已在第1季度向加密貨幣資金注入高達500億美元的機構，跌入60％。

Leading the pack is the one-time software company Strategy (formerly MicroStrategy) which has compiled a war chest of 580,000 bitcoin, worth about $63 billion, since the middle of 2020, with its latest purchase coming within the past two weeks.

領先的是一次性軟件公司戰略（以前是MicroStrategy），該戰略已經編制了一個580,000比特幣的戰箱，自2020年中期以來，其最新購買額是在過去的兩週內。

Strategy has transformed itself into a bitcoin treasury company and is now primarily in the business of selling securities to raise money to buy the cryptocurrency.

戰略已將自己轉變為比特幣國庫公司，現在主要從事出售證券以籌集資金購買加密貨幣的業務。

Far from being viewed as a black sheep, the company’s “bitcoin treasury” approach has spurred a wave of publicly traded copycats.

該公司的“比特幣財政部”的方法遠非被視為黑羊，刺激了一波公開交易的模仿者。

GameStop, for example, on Wednesday (June 11) announced it was issuing $1.75 billion in convertible notes to buy bitcoin. This followed an earlier Q1 acquisition of 4,710 BTC (about $513 million), which made GameStop the 13th-largest corporate holder.

例如，GameStop在周三（6月11日）宣布將發行17.5億美元的可轉換票據購買比特幣。這是在第1季度收購4,710 BTC（約合5.13億美元）之後，這使GameStop成為第13大公司持有人。

Elsewhere, The Blockchain Group, which describes itself as Europe’s first bitcoin treasury company, on Monday (June 9) announced a $300 million issuance for, you guessed it, the purposes of purchasing more bitcoin.

在其他地方，區塊鏈集團在周一（6月9日）將自己描述為歐洲第一家比特幣國庫公司，宣布了3億美元的發行，您猜到了這是購買更多比特幣的目的。

From structured notes and hedging instruments to yield-bearing custodial accounts and even Bitcoin-backed loans, the ecosystem is diversifying at a pace few anticipated. But beneath the innovation lies a familiar tension: are these truly risk-managed tools for corporate finance, or cleverly packaged speculative bets in disguise?

從結構化的票據和對沖工具到產生持有的託管帳戶，甚至是由比特幣支持的貸款，生態系統正在以很少預期的速度多樣化。但是，在創新之下，這是一個熟悉的緊張局勢：這些真正具有風險管理的企業金融工具，還是偽裝成巧妙包裝的投機賭注？

The Institutionalization of Bitcoin

比特幣的製度化

Milestones like the launch of CME Bitcoin futures (2017), the approval of spot bitcoin ETFs in the U.S. (2024), and the entrance of traditional financial institutions like Fidelity, BlackRock, and JPMorgan into the crypto arena have provided a sense of legitimacy.

CME Bitcoin Futures（2017年），美國（2024年）的現場比特幣ETF的批准以及傳統金融機構（如Fidelity，BlackRock和JPMorgan進入加密貨幣體育館）的入口提供了一種合法意義。

With regulatory clarity slowly improving, especially around custody and reporting standards, corporate finance professionals are being offered a potential new value proposition: the cryptocurrency not as a gamble, but as a balance sheet diversification strategy.

隨著監管清晰度的逐漸改善，尤其是在監護和報告標準方面，公司財務專業人員被提供了一個潛在的新價值主張：加密貨幣不是賭博，而是作為資產負債表多樣化策略。

As PYMNTS covered, even the Ivy-league institution Brown University has recently disclosed a $4.9 million investment in BlackRock’s bitcoin ETF, signaling a broader acceptance of cryptocurrencies in diversified portfolios.

正如PYMNT所涵蓋的那樣，即使是Ivy聯盟機構布朗大學，最近對BlackRock的比特幣ETF進行了490萬美元的投資，這表明對多元化投資組合中的加密貨幣更廣泛地接受。

After all, the CLARITY Act, which aims to establish a regulatory framework for digital assets and crypto markets in the U.S., is set to be considered by the full U.S. House of Representatives after being advanced by two House committees Tuesday (June 10). At the same time, the Securities and Exchange Commission (SEC) wants to ease restrictions governing decentralized finance (DeFi) platforms.

畢竟，旨在為美國建立數字資產和加密市場的監管框架的《 Clarity Act》將在周二（6月10日）由兩個眾議院委員會提升之後，將考慮美國的全部眾議院全部眾議院考慮。同時，美國證券交易委員會（SEC）希望減輕有關分散融資（DEFI）平台的限制。

The treasurer’s role in this environment? It’s no longer merely about cash, FX, or interest rate swaps — but increasingly about whether the CFO team has the infrastructure, expertise, risk governance, and capital strategies to harness any crypto strategy judiciously.

司庫在這種環境中的作用？它不僅與現金，外匯或利率掉期有關，而且越來越多地涉及CFO團隊是否具有基礎設施，專業知識，風險治理和資本策略，以明智地利用任何加密戰略。

See also: Are Crypto Markets Going Mainstream? What Treasury Execs Should Know

另請參閱：加密市場是否成為主流？財政部長應該知道什麼

Walking the Line Between Strategy and Speculation

在策略和投機之間行走界限

Bitcoin is maturing into a multi-dimensional treasury instrument: a defensive store-of-value, a potential yield generator and a signal of corporate innovation. But behind the headlines and bold plays lies a complex ecosystem rich with financing engineering, volatility exposure, regulatory uncertainty, and governance pitfalls.

比特幣正在成為多維國庫工具：一種防禦性存儲，潛在的收益產生者和公司創新的信號。但是頭條新聞和大膽的戲劇背後是一個複雜的生態系統，富有融資工程，波動率，監管不確定性和治理陷阱。

After all, for all the innovation, there’s a critical issue at the heart of this trend: are these financial tools being used to serve prudent corporate strategy, or are they a new flavor of speculative risk?

畢竟，就所有創新而言，這一趨勢的核心是一個關鍵問題：這些財務工具是否被用來服務審慎的公司戰略，還是它們是投機風險的新風味？

Some critics argue that bitcoin-linked treasury products may be less about strategic diversification and more about corporate speculation dressed in financial engineering. Today’s suite of corporate crypto offerings are designed to mitigate some of the risks. But in doing so, they can sometimes introduce new forms of complexity — particularly around counterparty risk, liquidity constraints and regulatory uncertainty.

一些批評家認為，與比特幣相關的國庫產品可能不再是戰略多元化，而更多地涉及在金融工程中穿著的公司投機。當今的公司加密產品套件旨在減輕某些風險。但是這樣做，他們有時可以引入新的複雜性，特別是圍繞對手風險，流動性限制和監管不確定性。

The accounting treatment of crypto assets remains a thorny issue. In the U.S., bitcoin is still classified as an intangible asset, meaning unrealized losses must be recognized, but gains can’t be booked unless the asset is sold. This creates a lopsided risk profile for public companies.

加密資產的會計處理仍然是一個棘手的問題。在美國，比特幣仍被歸類為無形資產，這意味著必須確認未實現的損失，但是除非出售資產，否則不能預訂收益。這為上市公司創造了不平衡的風險狀況。

Perhaps the central question for corporate treasurers is this: What is bitcoin in the context of the corporate balance sheet?

也許是公司財務主管的核心問題是：在公司資產負債表的背景下，比特幣是什麼？

Is it a modern hedge against fiat inflation, akin to gold? A speculative instrument that can juice short-term returns but introduces material downside? Or a strategic signaling tool — part financial asset, part branding exercise?

這是反對菲亞特通貨膨脹的現代樹籬，類似於黃金嗎？一種投機儀器，可以短期回報榨汁但會引入材料不利的一面？或一種戰略信號工具 - 部分金融資產，部分品牌練習？

The answer may depend on the type of business and its risk profile. For a tech-forward firm with high margins and a long investment horizon, limited bitcoin exposure may offer a form of asymmetric upside. For a capital-intensive industrial company with tight liquidity

答案可能取決於業務類型及其風險概況。對於一家高利潤率和較長投資範圍的技術前向公司而言，有限的比特幣風險可能會提供一種不對稱上升空間。對於一家流動性緊張的資本密集型工業公司